The insolvency of drug distributor Montero last year and thepetition filed in the case of Relad International are putting drugproducers in the position of having to look for ways to protecttheir sales.
The more cautious ones have been working for several years withcommercial loan insurers, such as Euler Hermes and Coface, whileothers are only now starting negotiations.
"We have been working with Coface for several years. It is areinsurer. If a client goes bankrupt, Coface repays a percentage wehave agreed on, which is modified on a monthly basis," says DanIvan, country head of Sanofi-Aventis, leader of the Romanian drugmarket. Sanofi posted 891.4 million RON (212 million euros) inturnover and had a 9.4% market share between October 2009 andSeptember 2010, according to data of market research companyCegedim Romania.
Sanofi has been insuring its business for at least five years,and Ivan says "it is not cheap". Eugen Anicescu, credit insurancemanager of Coface Romania Credit Management Services SRL, says theprice of a commercial loan insurance policy ranges between 0.2% and0.9% of the turnover, based on criteria such as the volume of salesinsured, the payment deadlines, previous losses and othercriteria.
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